DRAP suggests using Yuan, Lira to import medical raw material

ISLAMABAD: The Drug Regulatory Authority of Pakistan (DRAP) has suggested pharma companies to use Yuan and Lira for importing medical raw materials to ensure the availability of essential medicines amid a dollar liquidity crunch, citing sources, ARY News reported on Thursday.

The DRAP has come up with a plan to save pharma companies from the dollars’ scarcity effects and has offered pharma companies to open LCs in Yuan or Lira.

According to the sources within DRAP said opening LCs in Yuan and Lira is the ‘permanent’ solution to continue the import of active pharmaceutical ingredients (API). The majority of raw material is being imported in Pakistan from China, Taiwan and Europe via Turkiye, the sources said.

Read more: Medicine prices likely to be increased by 350pc

They further said the recommendations for the LCs opening in Lira and Yuan will be forwarded by the Trade Ministry, which will take a final decision in this regard.

A day earlier, it was reported that the federal government agreed to discuss the increase in price of medicines with the Pakistan Pharmaceutical Manufacturers Association (PPMA).

The Ministry of Health received the letter – written by Pakistan Pharmaceutical Manufacturers Association (PPMA), demanding an increase in drug prices.